How can Hispanic-owned businesses get a tax refund?
Financial assistance is a much-needed tool for business recovery.
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As America's small businesses continue to recover from the pandemic and the prolonged period of economic recession, with even many of them struggling to survive, tax refunds can provide a lifeline in these tough times.
In several major states, the ERC tax refund program offers entrepreneurs a useful tool to support them in their rebuilding efforts, so Hispanic business owners and other diverse communities are encouraged to make use of these tax benefits.
Slateshore Recovery, a boutique firm that processes class action recoveries for businesses and employee retention tax credit benefits for businesses from the U.S. Internal Revenue Service (IRS), launched a bilingual website through which Hispanic businesses in California, New York, New Jersey, Nevada, Massachusetts, and other states can submit a quick form for a chance to get a refund check from the IRS.
Neil Montesano, Chief Operating Officer at Slateshore Recovery, said in a press release:
Despite bearing disproportionate impact from the pandemic, thousands of Hispanic-owned small businesses did the right thing and kept their employees on payroll.
Highlighting data that suggests many of these small businesses still struggle to access financing, making them twice as likely to use personal or family savings, Slateshore Recovery points out that's where Employee Retention Tax Credits, for example, can be of assistance.
“By answering a few, simple, non-invasive questions our team of ERC experts can determine if your business may qualify for a no-strings-attached tax credit,” added Montesano.
According to a recent McKinsey report shared by Slateshore Recovery, the five business sectors most affected by COVID-19 related shutdowns, leisure & hospitality, retail, transportation, construction and ‘other,’ generate nearly 50% of the income revenue of all Hispanics and Latinos. 65% of Hispanics and Latinos work in these sectors.
In all of these scenarios, tax refunds can provide Hispanic-owned businesses with the financial assistance needed for business recovery.
How does the process to get your refund work?
These are the simple steps to advance these procedures:
- You (the “applicant”) complete a questionnaire on Slateshore Recovery’s website.
- Slateshore Recovery gathers all necessary data from you to file your claim
- Slateshore Recovery calculates the credit you may receive from the IRS
- Slateshore Recovery prepares and helps you file the 941-X Amended payroll returns
- You get paid by the IRS
“The ERC regulations and guidelines have evolved over time, with updates and changes being introduced by the IRS. By leveraging the expertise of ERC experts, you can potentially increase your tax refund by capturing all eligible credits,” underscored Slateshore Recovery.
About the ERC Application Process
The ERC application process can be time consuming and resource consuming, especially for employers unfamiliar with the intricacies of the program.
Choosing a trusted advisory firm allows you to leverage their expertise, saving time and resources as they can handle complex calculations, documentation, and shipping processes, allowing business owners to focus on core business operations.